Wells Fargo cutting 1,900 mortgage jobs!
MINNEAPOLIS, Minnesota - April 7, 2011 - Wells Fargo & Co. said Thursday it is cutting 1,900 mortgage jobs as home lending and refinancing slows, according to media reports.
The company said 274 of those jobs would come from its Twin Cities operations, the Star Tribune reported.
The cutbacks, which were announced to employees March 23, represent 1% of Wells Fargo’s entire workforce and 3% of its mortgage staff.
A majority of the jobs were temporary ones created last year when refinancing surged because of low interest rates, according to both Bloomberg and Reuters.